J.P. Morgan officials fought to explain to a Senate panel how a complex trading portfolio ballooned into a more than $6 billion loss. Colin Barr discusses the fallout. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... the the ... so um I need rules which took the job ... of policy ideas keep but also all ... JPMorgan was almost and taking a quilting was that was that look like ... why think that the good and it certainly appeared to us to us that the JPMorgan executive who quite nervous of his true seemed very nervous Mike Cavanaugh whose ... widely seen as potential ... successor to Jamie Dynan if Jamie Dynan for leaves ... are also seemed pretty pretty nervous hit the front squat in this in this way is not the Stone Creek you'll find them a lot to answer for ... what tablet Appalachian let's let's have from on Andrew and she was answering outcome became wondering what's that was an insult committee ... and Nextel want missed let let's step ... which COC seen this with ... it's unsanitary things went terribly wrong as we all know ... and and it's a very large purchases that were made at the end of March ... coming up but my attention and I'm on time ... I was signage throughout here today I'm talking to that the Senate that ... she plans to cut it when the traders did she write this seems to be this The collating all online identity of his strategy here is that you mistakes were made but I don't ... quite know why anyone thinks that strategy works because it did it looks terrible ... that's meant installment usage on is to be keeping track of that ... they clearly did not ... name is the report points out there are a number ... of times when they did not update the regulators ... that when they it seems quite clear that they should have and there are a number of periods in which ... which they reported to them and so the regulators numbers that ... did it turns out to help Eurosport inaccurate ... it's a great when lineout from Taleban joined us as I've I've lost trouble won a Tony Mr. Braunstein Baptist and it's one thing of the method to calm the seas ... because of all those statements were inaccurate Petrus Braunstein just listed on the fee was the chief financial officer at the bank and timepiece no place Chairman the investment bank ... aam and if he's right at the center of this because he was the key was the executive who went on that people thirteenth conference call ... that appeared a week after the Wall Street Journal wrote a story out one piece or trades in what people's concerns with them were ... in so some analysts on call said hey what about the trades that seems to ... be an issue ... and then Jamie diming famously said well that that that saw tempest teapot it's been Braunstein its twenty oh well beyond that he said that these these trees are totally prepared to regulators ... that it didn't go to the report makes makes it clear that the Senate does not believe that that was true I mean think eleventh doctor he doesn't believe that I was trimming anyway based on what what ... so what happens now what's the fallout of this this this anytime intended to help with what happened on the right note niche new charges only been running and I don't think it was going to jail but in terms of damaging this bank reputation ... I think JPMorgan's is the faces from a minor Keith version of what happened Goldman Sachs few years ago ... which is that there's this this ... debacle which means they keep trying to close to keep moving but out of Israel when a close aide to just open your your your daddy was all I see Grice writes that the number four in January that seems to be more complete than the reports that they put out last year I think that was their attempt to say ... book or show me everything we know in in this report comes out makes it makes a scene pre clear that that was not that it's so so so so that it continues to be a reputational HQ for them ... I think this team together with the Federal Reserve of been banging among stressed Setia saying ... yes you can pay a higher dividend than do more buybacks ... you have to show us the euro calculations for how you live and how you do in a downturn ... you have to show your math it because it's clear that that that the Fed to keep users saying ... York showing us an awful when you're away her calculations are for your calculations are